Značka: Changpeng Zhao

Reuters: Binance was withholding information from regulators, repeatedly shunned own compliance department

In a report published on Friday, Reuters laid out the findings of its investigation into the regulatory compliance practices of Binance, the world’s largest cryptocurrency exchange by trading volume.The authors suggest the existence of a recurring pattern whereby the company’s CEO Changpeng Zhao, while proclaiming its openness to government oversight, ran an organization that systematically denied regulators’ requests for financial and corporate structure information and shirked proper client background checks.The reported findings are based on the accounts of Binance’s former senior employees and advisers, as well as the review of documents such as internal correspondence and confidential messages between several national regulators and the company. According to the document, several high-ranking employees have repeatedly raised concerns of weak Know Your Customer/Anti-Money Laundering (KYC/AML) standards at the company but were ignored by the CEO.Additionally, the company reportedly acted against the recommendations of its own compliance department when it continued onboarding new customers from seven countries designated to be of extreme money-laundering risk.The big-picture takeaway that the authors of the report offered is that the described pattern of behavior allowed Binance to maintain ambiguous jurisdictional affiliation and opaque corporate structure while offering financial products that would normally require regulatory approval or licensing in many of its countries of operation.In response to Reuters’ inquiry, the company spokesperson said that the report’s findings were based on outdated or outright incorrect information. Binance CEO Changpeng Zhao later commented via Twitter saying:FUD. Journalists talking to people who were let go from Binance and partners that didn’t work out trying to smear us. We are focused on anti-money laundering, transparent and welcome regulation. Action speaks louder than words. Thank you for your unwavering support! — CZ Binance (@cz_binance) January 21, 2022As Cointelegraph reported, despite ongoing investigations into suspicious activity on its platform in several jurisdictions, Binance continues expanding into new markets, with the most recent move tied to a possible deployment in Thailand.

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Crypto Biz: Here’s what you need to know about CZ’s $96B net worth, Jan. 6-13

Binance CEO Changpeng Zhao, also known as “CZ,” is now the world’s 11th richest person, according to Bloomberg. The crypto entrepreneur has amassed a $96 billion fortune on the back of his booming exchange business and the rapidly appreciating value of Binance Coin (BNB).CZ’s wealth offers a startling reminder of just how lucrative crypto has become for early adopters. It’s also a sign of things to come as digital assets become more mainstream over the next decade. (If you’re reading this, there’s a good chance you’ll also be counted as one of crypto’s early adopters.)This week’s “Crypto Biz” delves into CZ’s net worth, the latest developments concerning Binance Labs, the growth of another Bitcoin (BTC) treasury and PayPal’s stablecoin plans. For a comprehensive breakdown of business developments over the last week, register for the full newsletter below.Binance Labs invests in Oasis ecosystem fundOasis Network’s $200 million development fund received another contributor this week in Binance Labs, the venture capital arm of CZ’s crypto exchange. Although Binance Labs didn’t disclose how much it invested in the Oasis Ecosystem Fund, head of investment Bill Chin touted the network’s Web3 capabilities and “privacy-preserving features” as reasons for backing the initiative. On the same day that Binance Labs made its announcement, Oasis Network saw the launch of its first decentralized exchange in YuzuSwap. The DEX’s total value locked exceeded $100 million in its first 24 hours of operations.CZ’s net worth surprises everyoneAccording to Bloomberg, Binance CEO Changpeng Zhao is crypto’s biggest billionaire and Asia’s richest person with a reported net worth of $96 billion. He’s “only” $11 billion shy of 10th ranked Larry Ellison, who’s worth $107 billion. CZ’s net worth is largely attributed to the overwhelming success of Binance, which is the world’s largest crypto exchange by volume. Despite a massive regulatory shake-up in 2021, the firm is ramping up efforts to obtain operational licenses to maintain its global presence. Bitfarms adds BTC to its treasuryCanadian crypto mining firm Bitfarms has made it abundantly clear that it’s trying to hoard as much Bitcoin as possible. Earlier this week, the firm said it had already acquired 1,000 BTC this year, bringing the total value of its holdings to $177 million. “Our guiding company strategy at Bitfarms is to accumulate the most Bitcoin for the lowest cost and in the fastest amount of time for the benefit of our shareholders,” said Bitfarms CEO Emiliano Grodzki. “With the dip in BTC while mining hardware prices remain high, we seized the opportunity to move cash into BTC.” Increased our #Bitcoin holdings 30%More Info: https://t.co/xCcIUHkWsU$BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/zNz54ps5HK— Bitfarms (@Bitfarms_io) January 10, 2022Related: Top 5 bullish Bitcoin stories of 2021PayPal readies stablecoin projectPayPal’s embrace of digital assets appears to be broadening after a senior executive at the company confirmed the presence of an in-house stablecoin project. Dubbed “PayPal Coin,” the new stablecoin will reportedly be backed by U.S. dollars and bring more transactional functionality to the crypto space. No timeline was provided for the rollout of such a project, although PayPal’s vice president of crypto Jose Fernandez da Ponte has previously stated that further regulatory clarity would be needed before any stablecoin is given the green light.

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Binance CEO CZ richest crypto billionaire at $96B: Bloomberg

Changpeng Zhao, the CEO of Binance, tops the list of richest crypto billionaires with an estimated net worth of $96 billion.According to Bloomberg CZ ranks 11th among the world’s richest people as Binance retains its position as the biggest crypto exchange in terms of trading volume.CZ, the 44-year-old crypto entrepreneur, overtook Asia’s richest billionaire Mukesh Ambani despite Bloomberg excluding his personal crypto holdings such as Bitcoin (BTC) and the exchange’s in-house Binance Coin (BNB) tokens.The industry is growing.— CZ Binance (@cz_binance) October 26, 2021According to Bloomberg’s estimation, CZ stands just behind Oracle co-founder Larry Ellison, whose net worth currently leads by roughly $11 billion. While this was the first time Bloomberg estimated CZ’s fortune, Binance’s growth trajectory signals a possibility of exceeding tech goliaths such as Meta’s Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin.Currently, Zuckerberg, Page and Brin and rank 5th, 6th and 7th respectively, with Tesla CEO Elon Musk ranking leading the billionaires’ list with an estimated fortune of $263 billion.Top 10 richest billionaires. Source: Bloomberg Billionaires Index.Data from Cointelegraph Markets Pro and TradingView confirm that the price of BNB appreciated over 1,300% in the past year alone. If calculated, CZ will become the first crypto entrepreneur to enter the top 10 billionaires list.Price performance of BNB token FY 2021. Source: TradingView.Related: Former Binance execs say exchange is worth $300B: ReportThe success of Binance globally can be attributed to CZ’s ongoing efforts to accrue operational licenses across all jurisdictions globally. Despite regulatory hurdles, Binance maintains an ongoing partnership and acquisition streak to remain a leader in the crypto trading space.Most recently, the crypto exchange finalized the acquisition of Swipe, a prominent crypto Visa card provider that operates at over 70 million locations worldwide. In addition, Binance also launched a $1 billion initiative to fast-track the development of the Binance Smart Chain ecosystem and advance mainstream adoption across the financial technology sector.

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Binance joins fresh crypto hub by Dubai World Trade Centre

The world’s largest cryptocurrency trading platform, Binance, is among the first crypto exchanges to join a new crypto hub established by the Dubai World Trade Centre Authority (DWTCA).Binance officially announced it had signed a memorandum of understanding with the DWTCA the next day after the latter had officially announced the launch of a comprehensive zone for crypto in Dubai on Monday.As part of its membership in the DWTCA’s initiative, Binance will help the authority outline the vision of “accelerating the set-up of a new industry hub for global virtual assets,” the company said in the announcement.Binance will also help advance Dubai’s commitment to establishing a new international digital asset ecosystem to enable long-term economic growth with digital innovation, the firm said, adding:“Binance believes that Dubai’s new agenda will contribute to the growth of the global economy. The goal is to assist crypto exchanges, businesses that offer blockchain and distributed ledger technology services, and a wide range of digital currencies and assets to become licensed in Dubai.”Binance CEO Changpeng Zhao has recently grown interested in regulatory developments around crypto in Dubai. He was among the first people in the crypto community to report on DWTCA’s new crypto initiative on Monday. Zhao also reportedly bought his first home in Dubai in October.Dubai https://t.co/yzTbV76geb— CZ Binance (@cz_binance) December 21, 2021Binance’s cooperation with the DWTCA could be meaningful for the crypto exchange, as the company has been struggling to establish relationships with several global financial regulators that have scrutinized the exchange earlier this year.Related: Binance plans to become registered UK firm despite regulatory setbacksAs previously reported, Binance had to suspend some of its services amid dozens of global financial regulators issuing warnings against the crypto exchange. Some of the countries that flagged Binance’s operations include Germany, Italy, the United States, the United Kingdom, Canada, Japan, Poland and others.

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Dubai World Trade Centre to create new crypto hub and become regulator

The United Arab Emirates (UAE) continues to emerge as one of the world’s biggest cryptocurrency-friendly jurisdictions as the government of Dubai has a new initiative to support local crypto development and regulation.The Dubai World Trade Centre (DWTC), a government-owned event and exhibition venue in Dubai, will become a comprehensive zone and regulator of cryptocurrencies, products, operators and exchanges, DWTC officially announced Dec. 20. As part of the initiative, the DWTC will design a comprehensive ecosystem for this progressive sector within Dubai and collaborate with the private sector to set up an “attractive environment for the sector.” The project also aims to enforce rigorous standards for investor protection, Anti-Money Laundering measures and combating the financing of terrorism, the DWTC stated.“The World Trade Center will deliver and oversee a new world-class regulatory framework of Virtual Asset legislative and enforcement policies,” the statement reads.Cointelegraph reached out to the DWTC and will update the story pending new information.Binance CEO Changpeng Zhao was among the first people in the crypto community to celebrate the new announcement from the DWTC. Zhao has apparently been growing interested in the crypto ecosystem in the UAE as he reportedly bought his first home in Dubai in October.» Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto https://t.co/Ndr6GDcJ4u— CZ Binance (@cz_binance) December 20, 2021Related: UAE regulators approve crypto trading in Dubai free zoneThe initiative comes in line with Dubai’s growing efforts to support the crypto development as both Dubai and the UAE have been actively working for the local economy to benefit from blockchain technology as well as nonfungible tokens and cryptocurrencies.In January, The Dubai Financial Services Authority was planning to set up a crypto regulatory framework as part of its 2021 business plan. The authority has issued a series of regulatory approvals for the crypto industry so far, while Dubai became a spot for several free economic zones for crypto.

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Binance plans to become registered UK firm despite regulatory setbacks

Binance CEO Changpeng Zhao said the exchange is planning to expand to the U.K. in the next six to 18 months, despite being instructed by the country’s regulator to cease trading earlier this year. The U.K.’s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain in June, amid a sweeping regulatory crackdown on crypto exchanges. Binance is one of the world’s largest crypto exchanges. To become a registered crypto asset firm in the U.K., the platform must abide by money laundering and terrorist financing controls. To meet these requirements, Zhao indicated the company was considering setting up a specific company to run in the U.K. — similar to its Binance.US subsidiary. Zhao told the Telegraph on Dec. 4 that Binance plans to apply for an FCA license, having hired a “number of ex-regulatory staff from the UK” and a “couple of hundred compliance people” since the FCA notice in June.In October, the crypto exchange giant hired the former head of international relations at the Dubai Financial Services Authority (DFSA), as its chief regulatory liaison officer to contribute to facilitating better relations with international regulatory bodies.Zhao also indicated that the platform is “fully re-engaged” with regulators, and is in the process of making “a number of very substantial changes” in “product offerings, our internal processes, and the way we work with regulators.”Related: Binance continues push to become regulated crypto exchange with new hireWith approval from the FCA, Binance could offer products such as futures and derivatives in the U.K. In September, Binance announced that Australian users would have 90 days to close their positions for futures, options, and leveraged tokens as regulators continued to turn up the heat.Binance has also previously suspended derivatives trading for users in Germany, Italy, and the Netherlands as part of a broader plan to cease offering these products across Europe.In August, the FCA released a supervisory notice stating that it was “not capable” of effectively supervising Binance because it had not answered queries about its headquarters. The exchange has denied all allegations of market manipulation but still faces resistance from numerous jurisdictions including Germany, Malaysia, and South Korea.

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